Gold retreats as dollar gains upper hand

Gold retreats as dollar gains upper hand
Gold is traditionally considered a hedge against inflation, but elevated interest rates dim appeal for zero-yield bullion. (AFP file photo)
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Updated 12 May 2023
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Gold retreats as dollar gains upper hand

Gold retreats as dollar gains upper hand
  • Dollar gains 0.6 percent to one-week high
  • Silver down nearly 5 percent, palladium down 3 percent

BENGALURU, India: Gold retreated on Thursday as rival safe-haven dollar advanced and outweighed support for bullion from lingering economic risks, while traders digested the impact of weak data on the interest rate outlook.

Spot gold was down 0.8 percent to $2,013.84 per ounce by 1:40 p.m. EDT (1740 GMT), while US gold futures settled down 0.8 percent to $2,020.50.

Gold popped up after data showed a jump in weekly jobless claims and the smallest annual increase in producer prices last month in over two years.
However, the metal soon gave up those gains as the dollar rose, making bullion more expensive for overseas buyers.
The banking situation with PacWest has prompted some safe haven demand into the US dollar, said Jim Wyckoff, senior analyst at Kitco Metals.
Investors also took stock of comments from Minneapolis Fed chief Neel Kashkari that an extended period of high rates would be necessary if inflation stayed stubbornly high.
While this weighs on sentiment for gold “to a certain extent, the precious metal remains in its uptrend channel established in November,” said Alexander Zumpfe, a precious metals dealer at Heraeus.
Gold is traditionally considered a hedge against inflation, but elevated interest rates dim appeal for zero-yield bullion.
On Wednesday, data showed the annual increase in US consumer prices slowed to below 5 percent in April for the first time in two years, but remained well above the Fed’s 2 percent target.
With inflation still sticky amid a slow deterioration in the US economy, the Fed is less likely to feel the need to hike rates further, keeping gold in a sideways to higher trend, said David Meger, director of metals trading at High Ridge Futures.
Silver plunged 4.9 percent to $24.18 per ounce, platinum shed 2 percent to $1,091.86 and palladium lost 3.4 percent to $1,551.96.


Global hospitality leaders eye investment opportunities at Abu Dhabi summit

Global hospitality leaders eye investment opportunities at Abu Dhabi summit
Updated 23 September 2023
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Global hospitality leaders eye investment opportunities at Abu Dhabi summit

Global hospitality leaders eye investment opportunities at Abu Dhabi summit
  • Key industry players from over 50 countries convene at the Future Hospitality Summit from Sept. 25-27

RIYADH: The global hospitality sector is set to witness a significant influx of investment as key industry players from over 50 countries convene at the Future Hospitality Summit in Abu Dhabi from Sept. 25-27.

Centered around the theme “Focus on Investment,” the event will serve as a catalyst for change, facilitating interactions among over 1,000 hospitality leaders through debates, dialogues, initiatives, and announcements.

Hosted at the Hilton Abu Dhabi Yas Island, the agenda for the three-day event includes contributions from more than 150 speakers in the form of panel discussions, one-on-one interviews, roundtables, innovation pitches, and student-led sessions.

In an interview with Arab News, Jonathan Worsley, chairman of the organizing company The Bench, said that participants can expect a myriad of networking opportunities and receptions throughout the course of the summit.

“From our tried and tested FHS business card exchange and networking receptions to early morning runs, yoga classes, culinary tours, and golf, there are countless experiences available to connect and network for our delegates,” he said.

“As the region’s leading tourism and hospitality summit, we look forward to three action-packed days of discussion, debate, and dealmaking,” he added. 

Worsley told Arab News that the event would explore a diverse array of topics such as the role of environmental, social, and corporate governance, the effects of the current geopolitical landscape on investment opportunities, and the incorporation of technology in the sector.

“Technology will once again be at the forefront of the FHS program with leaders discussing the future of the hospitality and travel tech stack. One of the sessions I am personally very excited about is the presentation by Cenk Sidar, CEO and co-founder of Enquire AI, who will share key insights on the power of artificial intelligence and how it is transforming business decision-making,” Worsley said.

He also highlighted a panel discussion to be led by Marco S. Rentsch, partner at PwC Middle East’s Global Consulting Hospitality and Tourism Center of Excellence. The session will explore the ongoing digital transformation within the hospitality sector and examine best practices and strategies across various industries.

“This panel discussion will cover topics such as how technology can improve operating processes, how data can be monetized and used to optimize the guest experience, and how technology can support meeting ESG goals in the sector,” Worsley said.

“In the lead up to FHS, I spoke with Tatiana Labaki, head of hotel and tourism advisory at TONOMUS NEOM, who is one of the panelists in this session, and she mentioned that as technology is seen as an enabler of an optimal, frictionless, and seamless guest experience we should always start our understanding from the guest journey,” he said.

“She also believes that technology will support the key hospitality verticals, including the guest experience, top-line revenue, and operational/cost efficiencies,” he added.

Worsley believes that fostering entrepreneurship is essential for driving technological adoption and enabling innovation in the hospitality sector. “FHS is proud to act as a springboard for promising startups in the industry,” he added. 

With Yas Island, Miral has showcased that by bringing together world-class attrac-tions, including award-winning theme parks, and a vast portfolio of leisure and hospitality offerings.

Jonathan Brown, chief portfolio officer of Miral

“At The Bench, we’re passionate about helping entrepreneurs position their startups for success and to accelerate their growth, and again this year, we will be hosting the FHS Startup Den in which 11 finalists will be pitching to a senior panel of judges. These startups are tech platforms that are transforming the industry,” he stated.

The event will also highlight the importance of sustainability within the hospitality industry. Worsley noted that given that 2023 is the UAE’s Year of Sustainability and with COP28 scheduled to take place in Dubai, the FHS will bring an unprecedented focus on sustainability issues.

He added that the event will host the finals of the Sustainable Hospitality Challenge, a global competition for students.

“We also look forward to working with our partners Fresh on Table again this year to bring local produce to the food and beverage experience at FHS and to promote local businesses and sustainability in the hospitality sector,” he said.

“Fresh on Table is a digital marketplace that promotes locally sourced food by bringing buyers and local sellers together. Through our partnership with Fresh on Table last year, we were able to save 288 kilos of carbon emissions and 44,168 food miles by sourcing local produce for the conference menu,” he added. 

FASTFACT

Centered around the theme ‘Focus on Investment,’ the event will serve as a catalyst for change, facilitating interactions among over 1,000 hospitality leaders through debates, dialogues, initiatives, and announcements.

He further elaborated that Hilton Abu Dhabi Yas Island will contribute to the event’s focus on sustainability by aiding FHS in becoming carbon-neutral through Hilton’s award-winning sustainability measurement program, LightStay.

“As part of this initiative, we will be measuring and analyzing the environmental impact of FHS 2023 using their proprietary LightStay Meeting Impact Calculator. Once the event is completed, the CO2 emissions will be offset by procuring carbon offset credits from Hilton’s partners — the South Pole Group,” he added.

In an interview with Arab News, Jonathan Brown, chief portfolio officer of the host sponsor Miral, stated that high-level business events such as the FHS play a key role in accelerating diversification and economic development.

“With Yas Island, Miral has showcased that by bringing together world-class attractions, including award-winning theme parks, and a vast portfolio of leisure and hospitality offerings, we can deliver a one-stop destination that provides unique and memorable experiences for our guests and business travelers from across the world,” Brown said.

“We are looking forward to welcoming industry leaders to explore the exceptional experiences this remarkable island has to offer. We encourage guests to take the opportunity to witness first-hand the remarkable offerings that make Yas Island a preferred destination for hospitality and leisure,” he added.

“To further enhance their experience, across the three days there will be a variety of networking activities hosted across the island, including a welcome reception at the Cafe del Mar Beach Club at Yas Bay Waterfront, a networking event at the luxurious Saadiyat Rotana Resort on Saadiyat Island and a closing party at Lock, Stock and Barrel on Yas Bay Waterfront as well,” Brown added.


Regional startups fuel surge in investments

Regional startups fuel surge in investments
Updated 23 September 2023
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Regional startups fuel surge in investments

Regional startups fuel surge in investments
  • Deep tech startups capture significant portion of venture capital activity

CAIRO: Venture capital investments in the region have surged, with deep tech startups capturing a significant portion of the activity.

Web3 applications, blockchain, and ventures focusing on carbon control have secured substantial funding, reinforcing the region’s role as a driver of innovation and change.

UAE-based digital assets infrastructure provider Fuze has announced a successful seed funding round, securing $14 million.

The investment was spearheaded by Abu Dhabi’s Further Ventures and saw participation from US firm Liberty City Ventures.

Founded in 2022 by Mohammed Yusuf, Arpit Mehta, and Srijan Shetty, Fuze offers a platform that enables financial institutions, fintech startups, and traditional enterprises to integrate regulated digital asset products into their native applications.

“We are excited to build the future of regulated financial infrastructure and digital assets out of the UAE,” Yusuf said.

“Regulations have played a pivotal role in propelling the UAE into a central position within the global Digital Assets industry. To receive the backing of Abu Dhabi-headquartered Further Ventures combined with the deep expertise of US-based Liberty City Ventures, confirms the relevancy and potential of Fuze’s mission to rapidly expand our cutting-edge infrastructure across the region,” he added.

With this fresh capital in hand, Fuze is poised to further its expansion goals, enhance its technological offerings, and recruit new talent to its team.

The company claims to be the first-of-its-kind infrastructure provider to offer regulated digital asset products to its customers in the Middle East and North Africa region.

“We are building a suite of products that addresses the growing demand for regulated digital asset capabilities through trusted channels. Our technology-first approach is a game-changer for the region and offers our customers a reliable bridge to the new era of investments and to the future of finance,” Yusuf added.

Dubai’s Cultos Global secures investment for Web3 innovations

Dubai’s Web3 innovator Cultos Global has garnered an undisclosed sum in its recent funding round.

Among the notable contributors were Sameer Mehta of Boat, Tarun Katial of Coto, Ashwath Bhat from Fractal Analytics, and Vijay Ratnaparkhe of Bosch Southeast Asia, the latter of whom will now contribute as part of the company’s advisory panel.

The influx of funds is earmarked to bolster Cultos Global’s product and engineering divisions in both the UAE and India. 

We’re thrilled to welcome his highness Sheikh Ahmed not only as an investor but also as our chairman.

Martin Reynolds, CEO of Zero Carbon Ventures

“Cultos Global is revolutionizing brand-customer engagement with a sophisticated, unified platform that seamlessly combines digital marketing and customer rewards programs. This transforms passive consumers into an active network of nano-influencers,” Adib Samara, the company’s co-founder, said.

The company enables brands to devise and implement their brand token and rewards strategies, ensuring a more organic acceptance which fuels operational efficiency, a surge in conversion ratios, and a tangible uptick in sales, as per the press release.

“Cultos Global is excited to have industry leaders on board as we scale up our mission to offer brands the capability to bring their rewards, loyalty, and influencer marketing to Web3,” CEO Pavan Govindan, said.

“This grants brands access to first-party data with advanced security and enhanced privacy for consumers. With strategic investors supporting our vision, we are more confident than ever in establishing Cultos Global as the preferred Web3 wallet for major global brands,” he added.

Zero Carbon secures $5m from Dubai ruling family

Zero Carbon Ventures, a cleantech startup based in the UAE, has successfully secured a seed funding round of $5 million.

The investment comes from Sheikh Ahmed Mana Khalifa Al-Maktoum, an Emirati businessman and a member of Dubai’s ruling family.

In addition to the financial boost, Sheikh Ahmed Al-Maktoum will also lend his expertise as a strategic adviser and take over the role of chairman of the board.

Co-founded by Peter Jodlowski and Martin Reynolds in 2022, Zero Carbon Ventures is steadfast in its commitment to champion carbon-reduction technologies across the MENA region.

“I initially met Martin and the Zero Carbon team in April this year, and fell in love with their vision,” Sheikh Ahmed Al-Maktoum said.

“The world now needs people like them to actually get to work on the delivery of these kinds of projects. I hired Zero Carbon to begin work on decarbonizing my own Dubai real estate portfolio. I see immense potential in Zero Carbon, and I am eager to guide and do my part in this pivotal journey toward net-zero,” he added

The company’s approach is structured around four central pillars: waste management, water conservation, energy efficiency, and sustainable materials.

The fresh infusion of capital is set to catalyze Zero Carbon’s sustainable endeavors, particularly in the lead-up to COP28.

The global climate summit will be hosted by the UAE later this year, and Zero Carbon Ventures is gearing up to play a significant role in steering sustainable development conversations during the event.

“We’re thrilled to welcome his highness Sheikh Ahmed not only as an investor but also as our chairman,” Reynolds said.

“His involvement is more than an endorsement; it’s a powerful union of vision and purpose. Our ambition has always been to enact tangible change. Our fully established and experienced senior management team, with his Highness by our side, is incredibly well-positioned to drive our sustainability initiatives even further,” he added.

Jordan’s DigiZag secures seven-figure series A funding round

DigiZag, a digital advertising and performance marketing startup headquartered in Jordan, has successfully closed a seven-figure series A funding round.

The substantial investment comes from the SME Investment Fund, which is managed by Al-Arabi Investment Group.

Established in 2015 by Saif Atout, DigiZag offers a suite of technology-driven solutions in performance-based marketing.

These solutions help companies and institutions optimize their advertising campaigns, in order to drive revenue growth and sales.

With the capital, DigiZag is poised to further strengthen its market position and enhance its digital footprint in the Gulf Cooperation Council region, signaling a promising growth trajectory for the startup.


Pakistan’s commerce minister to invite top 100 global brands in bid to boost exports

Pakistan’s commerce minister to invite top 100 global brands in bid to boost exports
Updated 23 September 2023
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Pakistan’s commerce minister to invite top 100 global brands in bid to boost exports

Pakistan’s commerce minister to invite top 100 global brands in bid to boost exports
  • Dr. Gohar Ejaz announces state-guest protocol and free office space for invited international brand representatives
  • Government may allow local industrialists to purchase electricity directly from producers at competitive regional rates

KARACHI: Pakistan’s interim commerce minister Dr. Gohar Ejaz announced his decision on Friday to invite 100 top global brands to attend a conference with the aim of increasing exports from the country to $100 billion within the next five years.

Addressing the Karachi Chamber of Commerce and Industry (KCCI), the minister did not divulge when he was planning to hold the conference. However, he assured everyone it would take place within the tenure of the caretaker government.

“We are going to hold the conference within 90 days and approach the top 100 brands and request them to come to Pakistan as our state guest,” he said.

Ejaz said the government would provide these companies space to set up their offices free of cost and declare the area an “export zone” with complete protocol. He noted the country had more remittance inflows than export revenue, which was only limited to about $27 billion.

The minister said the government’s decision to launch a crackdown against the smugglers of dollars had led to the appreciation of the Pakistani rupee.

“The rupee that was trading at around Rs350 has come down to Rs290,” he said, adding that the real effective rate should be Rs260 and, according to inflation figures, it should be somewhere around Rs200.

Ejaz said the government had also decided to act against gas thieves since that raised the production costs of many industries.

“UFG [Unaccounted for Gas] is much higher than the benchmark,” he added. “Therefore, the cabinet has granted approval in principle for action against gas thieves, and a grand operation against them will be conducted by next week.”

The minister said the government imposed some import restrictions in the past to reduce pressure on the external account, but it had proved counterproductive.

“By imposing restrictions, imports were curtailed but smuggling from Afghanistan and Iran surged by $5 billion,” he informed.

The minister said it was not possible to offer subsidies to local industries, though an alternative proposal to provide them cheaper electricity was under consideration that would allow industrialists in Sindh and Punjab provinces to purchase power directly from producers at regionally competitive rates.

Responding to a question about the closure of markets earlier than usual, he said the deadline for that had been extended. The government had asked stakeholders to submit proposals along with hourly sales trends to make an informed decision on the matter.


How eight mega-projects are transforming Saudi Arabia’s Riyadh into a global destination

How eight mega-projects are transforming Saudi Arabia’s Riyadh into a global destination
Updated 23 September 2023
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How eight mega-projects are transforming Saudi Arabia’s Riyadh into a global destination

How eight mega-projects are transforming Saudi Arabia’s Riyadh into a global destination
  • Sports Boulevard, New Murabba, Qiddiya and King Salman Park are just some of the city’s highly-anticipated attractions
  • These sustainable and innovative urban spaces will promote culture, heritage, entertainment, leisure and recreation

RIYADH: Saudi Arabia’s Vision 2030 is paving the road for a better future by implementing transformative projects across the Kingdom. These projects aim to integrate advanced technologies and sustainable practices, ultimately enhancing the standard of living and quality of life for residents.

These projects, including Sports Boulevard, New Murabba, Qiddiya, and King Salman Park, are part of Saudi Arabia’s Vision 2030.

They are designed to create sustainable and innovative urban spaces, promote sports and recreational activities, enhance cultural and heritage sites, and provide entertainment and leisure options for residents and visitors. 

Saudi Arabia’s Vision 2030 is paving the road for a better future by implementing transformative projects across the Kingdom. These projects aim to integrate advanced technologies and sustainable practices, ultimately enhancing the standard of living and quality of life for residents.

These projects, including Sports Boulevard, New Murabba, Qiddiya, and King Salman Park, are part of Saudi Arabia’s Vision 2030. They are designed to create sustainable and innovative urban spaces, promote sports and recreational activities, enhance cultural and heritage sites, and provide entertainment and leisure options for residents and visitors.

Sports Boulevard

Sports Boulevard is the world’s largest linear park, stretching more than 135 km. It encompasses an investment area of 2.3 million sq m and features 4.4 million sq m of green and open spaces.

The park will be home to 50 sports facilities, making it a popular destination for a wide range of visitors, including pedestrians, cyclists (both professional and amateur), horse riders, art and culture enthusiasts, and individuals who prioritize eco-friendly activities. The park’s pathways and spaces have been carefully designed to encourage and support a healthy lifestyle.

Sports Boulevard in Riyadh is divided into eight distinct districts, each characterized by its distinctive design and accompanied by pathways and trails, providing a one-of-a-kind experience.

These districts include Wadi Hanifah, Wadi Al-Yasin, Wadi Al-Sulai, Arts District, Entertainment District, Athletics District, Eco District, and Sand Sports Park. Together, they offer an opportunity to promote healthy living and provide a diverse range of entertainment options in a modern and appealing manner.

New Murabba

Big enough to hold 20 Empire State buildings, the New Murabba is set to be the biggest contemporary downtown in Riyadh, thereby supporting the city’s future growth according to the goals of Saudi Vision 2030.

The New Murabba aims to incorporate the concept of sustainability by including green spaces and dedicated paths for walking and cycling. These measures are designed to enhance overall well-being by promoting healthy and active lifestyles and fostering community engagement.

Additionally, the project will feature a museum, a state-of-the-art technology and design university, a versatile immersive theater, and more than 80 destinations for entertainment and cultural activities.

The development in northwest Riyadh, at the intersection of King Salman and King Khalid roads, will cover 19 sq km and provide housing for residents. It will include more than 25 million sq m of floor space, including residential units, hotel rooms and retail space. There will also be office space, recreational facilities and community amenities. The New Murabba development aims to offer a convenient lifestyle with living, working, and entertainment options within a 15-minute distance. It will have its own transportation network and be a 20-minute drive from the airport.

Qiddiya

The Qiddiya project aims to become a groundbreaking city globally renowned for offering the most imaginative and captivating experiences. Qiddiya strives to create a thriving and enjoyable city centered around entertainment, sports and culture.

It is creating numerous exciting attractions, including theme parks suitable for families. These sports arenas can host international competitions, sports and arts academies, concert venues, racetracks for motorsport enthusiasts, and outdoor adventure activities that offer experiences with nature and the environment. Qiddiya will also provide various real estate options and community services.

The 32-hectare site will include 28 rides and attractions across six different themed areas. The 4 km Falcon’s Flight rollercoaster ride will be the centerpiece of the park, and will touch speeds of 250 km an hour and includes a dive of 160 m.

But the rollercoaster is just a small part of the Qiddiya giga-project, which will include arts centers, festival grounds, a sports stadium, shops and restaurants, housing developments, a motor racing circuit and a golf course designed by 18-time major winner Jack Nicklaus.

King Salman Park

King Salman Park is being constructed on more than 16 sq km of land, making it the largest urban park in the world. The park will offer diverse activities and options for residents and visitors of the city. Its environmental elements will significantly increase vegetation in the region and provide more per capita green spaces.

Green areas and open spaces will cover more than 9.3 million sq m, including an Islamic-style garden, a vertical garden, a maze garden, and a bird and butterfly sanctuary. These gardens span more than 400,000 sq m, with a circular pedestrian walkway extending for 7.2 km, a valley area of more than 800,000 sq m, and 300,000 sq m of water features.

The park’s Royal Art Complex will include a national theater with a seating capacity of 2,500, five museums, an outdoor theater accommodating 8,000 audience members, a complex with three cinema halls, four art academies, and an educational center for children.

The sports and entertainment facilities will feature a 850,000 sq m royal golf course, a virtual reality court, a skydiving center, an equestrian center, and running and biking routes.

Diriyah

Diriyah, the historical birthplace of Saudi Arabia, is a treasure trove of more than 30 cultural establishments, including museums and academies. It takes visitors on a captivating journey through the Kingdom’s vibrant history and offers many opportunities to engage with contemporary art.

Turaif, a UNESCO World Heritage site, gives visitors the chance to immerse themselves in captivating performances, interactive exhibitions, educational trails and advanced technologies that together help to showcase Diriyah’s past.

The Old Town features an art district that includes galleries, workspaces and creatively designed residences, while the Period Village recreates a 300-year-old local lifestyle, complete with bustling markets, artisanal shops, workshops, and delectable traditional cuisines.

Jax

The Jax district in Diriyah brings together talented professionals and aspiring artists to express the essence of life through vibrant colors. Their captivating creations are on display throughout the area.

As visitors explore the district, they encounter an array of installations in hallways and public spaces that offer an incredible visual and sensory experience and immerse them in the world of contemporary art.

The district also plays a significant role in promoting art and culture in Diriyah. In 2021 and 2022, it was home to the Diriyah Biennale Foundation, which hosted the Kingdom’s first international contemporary art biennale, in Riyadh. The event attracted artists and enthusiasts from around the world, further solidifying the Jax district’s reputation as a prominent cultural destination.

King Abdullah Financial District

Riyadh’s King Abdullah Financial District is a thriving hub that embodies the vision of the late ruler it is named after for the creation of a prosperous financial center. Aligned with the goals Vision 2030, the district contributes to the expansion and diversification of the Kingdom’s economy, while also providing a dynamic environment within the community.

Its impressive buildings, inspired by the local natural landscape, have reshaped the Riyadh skyline. They offer state-of-the-art office facilities and sustainable smart city solutions that empower businesses to thrive.

Additionally, the district contains exceptional recreational and retail amenities designed to help provide a distinctive lifestyle experience. Through its remarkable architecture and vibrant atmosphere, it is a symbol of economic growth and community vitality.

Diplomatic Quarter

The Diplomatic Quarter, also known as Al-Safarat, is a vibrant area that houses embassies, residential complexes, and a wide variety of dining options. It is also home to important cultural sites, including Tuwaiq Palace, with its unique tent-like structures and panoramic views of Wadi Hanifa.

The Cultural Center, meanwhile, is a spacious two-story building with a large celebration hall, an auditorium equipped with state-of-the-art technology, and a partially covered outdoor area for performances and other celebrations.


Saudi Maritime Congress makes a splash

Saudi Maritime Congress makes a splash
Updated 22 September 2023
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Saudi Maritime Congress makes a splash

Saudi Maritime Congress makes a splash

DAMMAM: Business cards were traded as fast as wheeled suitcases rolled at the Saudi Maritime Congress as thousands of key players from the industry descended on Dammam.

The fourth edition of the event saw deals struck, debates held, and networking carried out as the Kingdom drives forward with its goal of becoming a global logistics hub.

Held over two-days at the Dhahran Expo venue, this year’s gathering focused on the maritime and logistics sector throughout the Gulf Cooperation Council region – with a specific emphasis on Saudi Arabia’s economic diversification plan Vision 2030.

The event took place just days before the Kingdom was due to celebrate its 93rd National Day  – a milestone which was repeated with pride numerous times by different speakers.

Omar Hariri, president of the Saudi Ports Authority, also known as Mawani, and Ahmed Al-Subaey, CEO of transportation and logistics company Bahri, delivered keynote addresses on the opening day of the event.

“The Saudi maritime sector possesses vast potentials, and this conference is an ideal platform to showcase our capabilities to the world,” said Al-Subaey, adding: “The development of the maritime and logistics sector is vital in realizing the Kingdom’s Vision 2030 objectives.

“Bahri is committed to focusing on leveraging its accumulated experience for the sector’s development within the Kingdom and across the globe.”

Arab News spoke to Chris Morley, group director of Seatrade Maritime, the organizer of the event, and he was keen to flag up how Saudi Arabia’s improvements in the logistics arena are expected to boost port revenue – an increasingly important non-oil source of growth.

He said: “By building out inland logistics hubs and enhancing rail connectivity, the Kingdom is looking to more than quadruple the country’s annual container throughput to 40 million TEU (twenty-foot equivalent units) by 2030.”

Morley noted that the Kingdom has 53,000 ships operating within its borders, and those vessels are registered in over 150 countries and carry up to 11 billion tonnes of cargo annually.

He said Saudi Arabia’s rise on global connectivity indexes shows the Kingdom is “a powerful and promising partner for more regional and global trade.”

Morley added: “The event has been really exciting and reflects the eagerness of the global industry to be part of Saudi Arabia’s commitment to developing its maritime trade and doing business on an international scale.”

UAE-based Abdulla bin Damithan, CEO and managing director at DP World GCC, traveled to Dammam for the event and spoke to Arab News about his hopes for the deepening of ties between his country and Saudi Arabia in the future.

He emphasized how his role at DP World has recently expanded to go beyond the UAE and into the entirety of the GCC, and how the Kingdom would be one of his main focuses going forward as he attempts to help support the transformation of Saudi Arabia through innovation and investment into a global logistics hub.

“With the Kingdom’s Vision 2030, maritime is one of the focuses of the future – not only between Saudi Arabia and the UAE but also between our nations as a GCC,” he said.

Bin Damithan stressed that technological developments in the sector are having wide-reaching impacts, adding: “Technology means that we're making things much easier and creating new jobs, jobs for the young nationals of the country.

“But the most important thing, I think, is including our female colleagues who are entering into this job, where it was limited before.”

Saudi Arabia and DP World operate the South Container Terminal at Jeddah Islamic Port, the largest harbor in the Kingdom and a crucial link in the world’s busy “east-west” trade routes through the Red Sea.

With an investment of $800 million, DP World has ambitions of doubling the terminal’s capacity from 2.5 million TEUs to 5 million. Set to be finalized by 2024, the project aims to propel Jeddah Islamic Port to become a global trade and a logistical services hub.

Omar Hariri, president of the Saudi Ports Authority.

As well as discussions and debates, the event saw agreements being signed by major players in the industry

Bahri signed a Memorandum of Understanding with SAIL, a subsidiary of the Saudi Investment Recycling Co., to mutually strengthen their offerings within the Kingdom.

The latter firm, owned by Public Investment Fund, was launched in June 2022 as a marine environmental services company, which will act as a regional hub when it comes to responding to oil and hazardous spills along the coastlines of Saudi Arabia.

The alliance with Bahri aims to facilitate maritime sector development and the provision of technical support, while also promoting knowledge and expertise exchange between the two companies.

Ziyad Al-Shiha, CEO of SAIL, said this agreement would play a pivotal role in shaping the future of the maritime sector to benefit from the rapid developments, and to help consolidate the Kingdom’s position as a global hub in this industry.

His equivalent in Bahri, Al-Subaey, stressed the importance of this strategic cooperation, noting that the strengths and joint expertise between the two companies would contribute to the establishment of an ecosystem that promotes innovation, and provides new job opportunities.

Another deal involved Mawani signing a partnership agreement with SIRC aimed at promoting maritime sustainability in Saudi Arabia.

The Saudi Maritime Congress was supported by founding strategic partners Bahri and Seatrade Maritime, with support from Mawani, the Transport General Authority, Saudi Aramco and IMI.

The exhibition space featured over 120 organizations representing main sectors of the maritime industry including shipping, shipbuilding, artificial intelligence, as well as port and terminal management and finance.

Firms with booths included Saudi Global Ports Co, Bass Global Marine Services, and Hong Kong Marine Department.

Last year, a record 3,757 visitors attended the event and this year’s final numbers are projected to be close to that.

Chris Hayman, chairman of Seatrade Maritime, used a speech to describe Saudi Arabia as “taking a more active role in global maritime affairs.”

According to Seatrade Maritime News, he said the conference provided one of the first opportunities for the industry to discuss the implications of the new and accelerated pathway towards decarbonisation agreed at the International Maritime Organization’s recent Marine Environment Protection Committee meeting just two months ago.  

He said: “The adoption of the new technologies and the availability of zero carbon fuels needed to meet the new timetable together represent a major challenge for the global industry.

“Driven by the exciting development now unfolding here in the Kingdom, the level of support for Saudi Maritime Congress 2023 has grown substantially from last year.  

“With an increase in overall attendance of more than 50 percent and a greatly expanded exhibition, this event is on track to join the elite group of world class maritime events, matching Saudi Arabia’s growing status as a global maritime hub.”